Power2SME raises Series B Funding

In order to extend its presence in South India, increase its product portfolio and expand sourcing channels, Power2SME, the first “Buying Club” for SMEs in India, Power2SME has announced that it has raised US$6 million in Series B funding from their existing investors. The funding round was led by Accel Partners with participation from Kalaari Capital and Inventus Capital.
 
R. Narayan, Founder & CEO, Power2SME, said, Power2SME’s aim to help unlock the potential of SMEs, whose progress is so critical to the India growth story. Power2SME aims to help the SMEs to improve their efficiency and provide a significant lever for growth and profitability. With quarterly revenues run rate of more than $2 million and 13,000 registered SMEs users in less than three quarters of operations, Power2SME is well on its way to becoming a one-stop destination for SMEs for all their business needs.
 
SMEs are operating on low margins and don’t have enough capital to spend on R&D. The extra money they generate after dealing with Power2SME can be utilized to drive sales and marketing initiatives for the SMEs, and more importantly can be invested in R&D. Power2SME is truly a trendsetter in the B2B business and capable of becoming a gamechanger for SMEs in India,” said Parag Dhol, MD, Inventus Capital.

The funding will also help Power2SME to include direct imports for their SME customers and make additional investment in technology & marketing.